RIBO 1
With respect to the Outboard Motors/Boats coverage, a Full Average Clause
Select one:
a. describes average exposure for the policy year, for the calculation of the premium.
b. relates an insurer's share of a loss to the adequacy of the amount of insurance.
c. provides all-risks coverage on the hull and motor.
d. describes average exposure for the policy year, for the calculation of loss settlement -
answerb.
If information on the latest filed application to RIBO becomes obsolete, the member
must file a notice correcting the information
Select one:
a. within 14 days of the change.
b. within 6 months of the change.
c. within 12 months of the change.
d. within 30 days of the change. - answerd.
In which of the following situations is coverage available for a temporary substitute
automobile?
Select one:
a. A friend lends his automobile to the insured
b. The insured borrows his friend's automobile while his vehicle is being repaired
c. The insured rents an automobile while on vacation in Florida
d. The insured borrows the company van to move a few pieces of furniture - answerb.
Tenant's Legal Liability coverage responds for which of the following situations?
,Select one:
a. Injury to third parties that occur on premises but not owned by the insured
b. Liability assumed by contract regardless of the insured's legal liability
c. Damages to rented premises caused by fire, explosion, water escape, or smoke
d. Same losses as premises liability excluding fire loss from ownership of the building -
answerc.
Rules or agreements concerning the binding of coverage by brokers are
Select one:
a. laid out in the Insurance Act of Ontario.
b. set by RIBO and are uniform and apply to every insurance brokerage firm in Ontario.
c. set out and agreed upon between the insurance company and the broker office.
d. enforced by the Financial Services Commission of Ontario (FSCO). - answerc.
A liability policy written on a claims-made basis will respond to injury or damages that
Select one:
a. occur during the policy term but are not discovered until after expiry.
b. are reported during the term because they are expected, but do not actually occur,
until after expiry.
c. occur to the policy inception and are reported during the policy period.
d. began during the policy term and continued after expiry when the damage was
discovered. - answerc.
Your clients recently bought a family cemetery plot. What would you advise them?
Select one:
a. The additional exposure can be added to their policy for a small charge.
b. The premises section of their Liability coverage automatically extends coverage.
c. Coverage is automatic, but they will require a vacancy permit. Incorrect
d. A Funeral Coverage endorsement can be added to the policy. - answerb
,regulations under the rib act requires an insurance brokers to provide evidence that
insurance has been placed on behalf of a client by - answer21 days after placing
insurance
following is true - answermisconduct is the failure to comply with the guidelines of th rib
act
insurance broker whose registration is restricted to acting under supervision may not -
answerdeposit insurance premium in their own trust bank account
following registration as an insurance broker, an individual - answermust notify ribo
within 30 days of any change of info, renewal
ribo regulations requires brokers to - answercarry on business in a manner consistent
with the ribo code of conduct
minimum limit broker must carry for e&o is... - answer3 mill
in addition to completing an application for renewal of reg. annually, insurance brokers
must also advise ribo - answerwhen they chang employment from one broker to an
another
ribo code of conduct rg. 991 sec. 14 . indicate the one which is not - answermaintain a
trust account for all trust money received
req to be a registered broker if - answerprovide risk management and loss prevention
service on behalf of another for compensation
quote and client says he has a better price - answersell in value and advise you can't
match price
pass you leads, not a broker - answerI cannot do this as you are not a broker
not considered misconduct - answerusing illustration, circulation to to terms, benefits or
advantage
not true about travel health insurance - answersenior are only eligible for travel health
insurance
not a limitation for travel health policy limitation - answerair travel as a passenger in a
commercial aircraft licenced to carry passenger for hire
skiing? are you covered ? - answersome plan cover sporting injury while other do not
recently discharged from hospital I ants to take a trip, what must you advise him -
answerno coverage or limited for the condition for hospitalized
, hangglider? covered? - answernot for hangglider but rest of trip
client over 60? - answermay exclude coverages for continuing treatment if fit to return to
Canada
most travel health insurance provider may deny claims or seriously curtail benefits if -
answerfail to notify hotline
refuses to be transferred home
attending physician has not submitted a bill in writing
ALL ABOVE
health travel insist that insureds use their communication system. why - answerarrest
and stabilize the situation
increase medication before going on trip - answerdeclare immediately
scuba diving in Mexico? - answerno coverage for scuba diving but there is for rest of trip
insurer receives travel insurance and it reveals pre existing medical condition, what
action must be taken? - answeradditional premium may be req
app may be rejected
policy benefits might be limited or capped
ALL ABOVE
unlikely to affect premium - answermode of transportation and common carrier used
Property Insurance is 1st party insurance that indemnifies the owner or user of property
for it's loss or loss of income - - answerproducing ability, when loss or damage caused
by covered cause of loss, such as fire + extension
personal lines insurance - answerfor individual and families as opposed to
business/commercial insurance. not including auto insurance
extended coverage for additional perils - answerwindstorm, hail, explosion, ci I'll
commotion, riot, not attending strike, aircraft damage, vehicle damage, smoke damage,
theft coverage~burglary, robbery/holdup+ damage made from attempt theft
comprehensive home insurance - answerprovide coverage against all risks of direct
physical loss or damage subject to exclusion + condition stated in policies
basic home insurer - answernamed perils coverage for building and contents
broad home insurance - answerall risks coverage for buildings and named perils
coverage for content
With respect to the Outboard Motors/Boats coverage, a Full Average Clause
Select one:
a. describes average exposure for the policy year, for the calculation of the premium.
b. relates an insurer's share of a loss to the adequacy of the amount of insurance.
c. provides all-risks coverage on the hull and motor.
d. describes average exposure for the policy year, for the calculation of loss settlement -
answerb.
If information on the latest filed application to RIBO becomes obsolete, the member
must file a notice correcting the information
Select one:
a. within 14 days of the change.
b. within 6 months of the change.
c. within 12 months of the change.
d. within 30 days of the change. - answerd.
In which of the following situations is coverage available for a temporary substitute
automobile?
Select one:
a. A friend lends his automobile to the insured
b. The insured borrows his friend's automobile while his vehicle is being repaired
c. The insured rents an automobile while on vacation in Florida
d. The insured borrows the company van to move a few pieces of furniture - answerb.
Tenant's Legal Liability coverage responds for which of the following situations?
,Select one:
a. Injury to third parties that occur on premises but not owned by the insured
b. Liability assumed by contract regardless of the insured's legal liability
c. Damages to rented premises caused by fire, explosion, water escape, or smoke
d. Same losses as premises liability excluding fire loss from ownership of the building -
answerc.
Rules or agreements concerning the binding of coverage by brokers are
Select one:
a. laid out in the Insurance Act of Ontario.
b. set by RIBO and are uniform and apply to every insurance brokerage firm in Ontario.
c. set out and agreed upon between the insurance company and the broker office.
d. enforced by the Financial Services Commission of Ontario (FSCO). - answerc.
A liability policy written on a claims-made basis will respond to injury or damages that
Select one:
a. occur during the policy term but are not discovered until after expiry.
b. are reported during the term because they are expected, but do not actually occur,
until after expiry.
c. occur to the policy inception and are reported during the policy period.
d. began during the policy term and continued after expiry when the damage was
discovered. - answerc.
Your clients recently bought a family cemetery plot. What would you advise them?
Select one:
a. The additional exposure can be added to their policy for a small charge.
b. The premises section of their Liability coverage automatically extends coverage.
c. Coverage is automatic, but they will require a vacancy permit. Incorrect
d. A Funeral Coverage endorsement can be added to the policy. - answerb
,regulations under the rib act requires an insurance brokers to provide evidence that
insurance has been placed on behalf of a client by - answer21 days after placing
insurance
following is true - answermisconduct is the failure to comply with the guidelines of th rib
act
insurance broker whose registration is restricted to acting under supervision may not -
answerdeposit insurance premium in their own trust bank account
following registration as an insurance broker, an individual - answermust notify ribo
within 30 days of any change of info, renewal
ribo regulations requires brokers to - answercarry on business in a manner consistent
with the ribo code of conduct
minimum limit broker must carry for e&o is... - answer3 mill
in addition to completing an application for renewal of reg. annually, insurance brokers
must also advise ribo - answerwhen they chang employment from one broker to an
another
ribo code of conduct rg. 991 sec. 14 . indicate the one which is not - answermaintain a
trust account for all trust money received
req to be a registered broker if - answerprovide risk management and loss prevention
service on behalf of another for compensation
quote and client says he has a better price - answersell in value and advise you can't
match price
pass you leads, not a broker - answerI cannot do this as you are not a broker
not considered misconduct - answerusing illustration, circulation to to terms, benefits or
advantage
not true about travel health insurance - answersenior are only eligible for travel health
insurance
not a limitation for travel health policy limitation - answerair travel as a passenger in a
commercial aircraft licenced to carry passenger for hire
skiing? are you covered ? - answersome plan cover sporting injury while other do not
recently discharged from hospital I ants to take a trip, what must you advise him -
answerno coverage or limited for the condition for hospitalized
, hangglider? covered? - answernot for hangglider but rest of trip
client over 60? - answermay exclude coverages for continuing treatment if fit to return to
Canada
most travel health insurance provider may deny claims or seriously curtail benefits if -
answerfail to notify hotline
refuses to be transferred home
attending physician has not submitted a bill in writing
ALL ABOVE
health travel insist that insureds use their communication system. why - answerarrest
and stabilize the situation
increase medication before going on trip - answerdeclare immediately
scuba diving in Mexico? - answerno coverage for scuba diving but there is for rest of trip
insurer receives travel insurance and it reveals pre existing medical condition, what
action must be taken? - answeradditional premium may be req
app may be rejected
policy benefits might be limited or capped
ALL ABOVE
unlikely to affect premium - answermode of transportation and common carrier used
Property Insurance is 1st party insurance that indemnifies the owner or user of property
for it's loss or loss of income - - answerproducing ability, when loss or damage caused
by covered cause of loss, such as fire + extension
personal lines insurance - answerfor individual and families as opposed to
business/commercial insurance. not including auto insurance
extended coverage for additional perils - answerwindstorm, hail, explosion, ci I'll
commotion, riot, not attending strike, aircraft damage, vehicle damage, smoke damage,
theft coverage~burglary, robbery/holdup+ damage made from attempt theft
comprehensive home insurance - answerprovide coverage against all risks of direct
physical loss or damage subject to exclusion + condition stated in policies
basic home insurer - answernamed perils coverage for building and contents
broad home insurance - answerall risks coverage for buildings and named perils
coverage for content
